Elevation Point Wealth Partners LLC Buys New Shares in OFG Bancorp $OFG

Elevation Point Wealth Partners LLC bought a new position in OFG Bancorp (NYSE:OFG) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 29,973 shares of the bank’s stock, valued at approximately $1,223,000.

Several other hedge funds have also added to or reduced their stakes in the business. First Trust Advisors LP boosted its position in OFG Bancorp by 8.8% during the fourth quarter. First Trust Advisors LP now owns 2,040,331 shares of the bank’s stock valued at $83,613,000 after buying an additional 164,818 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of OFG Bancorp by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,706,896 shares of the bank’s stock valued at $69,949,000 after acquiring an additional 13,121 shares during the last quarter. Millennium Management LLC lifted its stake in shares of OFG Bancorp by 7.8% in the 3rd quarter. Millennium Management LLC now owns 796,892 shares of the bank’s stock valued at $34,657,000 after acquiring an additional 57,572 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in OFG Bancorp by 4.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 608,572 shares of the bank’s stock valued at $26,467,000 after acquiring an additional 28,114 shares during the period. Finally, Qube Research & Technologies Ltd boosted its holdings in OFG Bancorp by 31.6% during the 2nd quarter. Qube Research & Technologies Ltd now owns 554,208 shares of the bank’s stock valued at $23,720,000 after acquiring an additional 133,046 shares during the period. 92.73% of the stock is owned by institutional investors.

OFG Bancorp Stock Performance

NYSE:OFG opened at $49.74 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.33. The firm’s fifty day simple moving average is $46.44 and its 200 day simple moving average is $43.00. The stock has a market cap of $2.10 billion, a P/E ratio of 10.28 and a beta of 0.70. OFG Bancorp has a twelve month low of $35.71 and a twelve month high of $50.66.

OFG Bancorp (NYSE:OFG) last issued its quarterly earnings data on Tuesday, March 31st. The bank reported $1.26 EPS for the quarter. OFG Bancorp had a net margin of 23.45% and a return on equity of 15.62%. The business had revenue of $185.80 million during the quarter. As a group, research analysts predict that OFG Bancorp will post 4.75 EPS for the current year.

OFG Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, June 30th. OFG Bancorp’s dividend payout ratio is presently 28.93%.

Analysts Set New Price Targets

OFG has been the topic of a number of analyst reports. Truist Financial lifted their price target on OFG Bancorp from $44.00 to $50.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Piper Sandler reaffirmed a “neutral” rating and issued a $48.00 target price (up from $43.00) on shares of OFG Bancorp in a research note on Wednesday, April 22nd. Wells Fargo & Company upped their price target on shares of OFG Bancorp from $45.00 to $49.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Zacks Research cut shares of OFG Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, OFG Bancorp has a consensus rating of “Hold” and a consensus target price of $48.00.

About OFG Bancorp

OFG Bancorp, through its principal subsidiary Oriental Bank, is a financial holding company headquartered in San Juan, Puerto Rico. The company provides a wide range of banking services, including commercial and consumer deposit accounts, small business loans, corporate lending, treasury management, and cash management solutions. Its consumer offerings encompass personal checking and savings accounts, credit cards, and electronic banking platforms designed to serve retail customers across its markets.

In addition to traditional banking products, OFG Bancorp offers mortgage origination and servicing, as well as wealth management and trust services for high‐net‐worth individuals and institutional clients.